GOJ working on financing for Petrojam bid

Jamaica is yet to make its buy-out offer to Venezuela for its minority share of the Petrojam oil refinery, but is trying to tie down financing for the bid, the Ministry of Finance said Monday.

The Jamaican Government announced it would acquire the 49 per cent interest held by Venezuelan state oil company PDVSA, against the background of sanctions imposed by the United States on the South American country.

Petrojam payments had become subject to scrutiny and long delays, as result of the US action.

Up to early 2017, Kingston and Caracas were in joint discussion around expanding the refinery to significantly improve production capacity.

However, Jamaica later changed strategy, citing pressure from the sanctions.

On Monday the Finance Ministry said "financing of the share purchase has not yet been finalised" but referred queries on the refinery's valuation to the Energy Ministry.